The AUDUSD has moved sharply lower to start the trading week as “risk off” flows dominates. The low price has reached to 0.7090.
That low entered in two a swing area between 0.7081 and 0.70926 (see blue numbered circles). Traders stuck a tone the water and have since pushed the price back above the 0.7100 level 0.71183.
Drilling to the hourly chart, the price has moved back up toward a more recent swing area between 0.71197 and 0.71296. Get above that level and there could be more upside corrective probing.
Drilling to the five minute chart below, the falling 100 bar moving average (blue line in the chart below) currently comes in at 0.71316 (and moving lower). That moving averages approaching the top end of that swing area on the hourly chart at 0.71296. It is also approaching the 50% of the last trend leg lower today at 0.7130.
As a result, the levels importance increases. Move above and there is some relief. However, Stay below however and the sellers remain in FIRM control.